Investors in the Shield Master Fund thought they were investing in property and shares. Instead, their money was improperly handled, a Melbourne court has heard.
Property developer and sports fan Paul Chiodo has lost control of his $300 million funds management business amid “grave concerns” about the use of investor funds, including alleged payments of nearly $700,000 to famous basketball players and boxers.
Lawyers for ASIC told the court that its concerns included the payment of $154 million of investor funds to an unlicensed builder retained by Chiodo for his private company’s projects under an “oral agreement”. Lawyers for ASIC told the court the regulator had been investigating Chiodo since November amid concerns a large volume of investors’ money was improperly invested in private property development projects for Chiodo Corporation. Anearlier this month revealed that many of Chiodo’s development projects that had been used to sap investor funds were facing significant delays and did not have development approval.
Lawyers for Keystone Asset Management and Chiodo had attempted to have the matter pushed back for two weeks to allow them more time to find a new entity to manage the Shield Master Fund or an alternative proposal to appointing receivers.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Journalist shield laws extended to help protect identity of sources in Queensland corruption matters7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Manchester City beat United on penalties to win Community ShieldManchester City won the Community Shield at Wembley after beating Manchester United 7-6 in a penalty shootout following a 1-1 draw
Read more »
Manchester City v Manchester United: Community Shield goes to penaltiesMinute-by-minute updates on the action at Wembley as the neighbours meet once again. Join Barry Glendenning
Read more »
Ten Hag prepares for Community Shield with United still taking shapeSome players, like Marcus Rashford, had a summer off but Dutchman’s squad remains bedevilled by injuries and other absentees
Read more »
Powell Jackson Hole speech: Rate cuts locked in, but investors need to be carefulJerome Powell gave the market the green light on rate cuts, and stocks rallied. But investors’ extreme positioning ignores an unpredictable market backdrop.
Read more »
NVDA: Nvidia earnings leaves Australian investors dividedThe AI darling has consistently smashed analysts’ expectations, but some fund managers warn the days of massive beats could be over.
Read more »